Definition
A condominium, often shortened to 'condo,' is a type of housing where individuals own their individual units within a larger building or complex. Unlike apartments, where residents rent from a landlord, condo owners possess their specific unit. Common areas, like hallways, lawns, and pools, are jointly owned and maintained by a condo association. Owning a condo provides the benefits of homeownership without the full responsibilities of maintaining an entire house. Think of it as owning your slice of a larger pie 🏡.